| Mortgage bank requirements and rates | | Posted Tuesday, March 07, 2006 2:24:12 PM by Rose Martins | There are various different types of mortgage available from your mortgage bank.  There is a balloon mortgage, adjustable rate mortgages, jumbo mortgages, subprime mortgages and assumable mortgages. Each type of mortgage given by your mortgage bank comes with a different set of requirements, benefits and conditions. It is a good idea to do a thorough review of what your mortgage bank has to offer you, and what your mortgage bank is prepared to offer you. mortgage rates will also differ from mortgage bank to mortgage bank.
Real estate financing is a serious business that should be taken and dealt with seriously. It is imperative that when it comes to mortgage banks, mortgage brokers and mortgage loans, that you do a careful review of all the fine print.
Mortgage refinancing is possible, but at a cost. Remember that refinancing your mortgage is basically, taking a new loan from your mortgage bank. Your mortgage bank might charge you a penalty fine for paying off your origionally mortgage, ahead of the predicted time. All the various costs involved in refinancing your mortgage, might just make it not worthwhile. ... | |
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| | | Fines proposed against Conn. mortgage lender | | Posted Sunday, February 04, 2007 2:46:09 PM by Blog57 Team | | The New Hampshire Banking Department has proposed fines against a Connecticut mortgage lender and its chief executive, charging the firm failed to fund several mortgage loans after the loans had closed. Mortgage Lenders Network USA Inc., based in Middletown, and owner Mitchell Heffernan each face fines of $27,500, according to an administrative order from the agency. The proposed fines stem from 11 home loans in New Hampshire, in total worth about $2.62 million, which closed in late December but were not funded. "We are monitoring this closely," Peter Hildreth, the state's banking commissioner, said yesterday about the troubled loans. "We are watching them and trying to facilitate them when we can." He said MLN paid two loans and eight were placed with other lenders.... | |
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| | | Barclays to Acquire EquiFirst from Regions Financial Corporation | | Posted Sunday, January 21, 2007 12:47:02 PM by Blog57 Team | | NEW YORK, Jan. 19 /PRNewswire/ -- Barclays Bank PLC ("Barclays") announces that it has entered into an agreement to purchase EquiFirst Corporation, the non-prime mortgage origination business of Regions Financial Corporation ("Regions"), for a consideration of approximately US$225 million (115 million pounds Sterling). Completion is expected in the first half of 2007, subject to the receipt of the required licenses and applicable regulatory approval. In the third year of ownership, Barclays expects to achieve an annual after-tax return on this investment in excess of 20%. Barclays will finance the transaction out of existing cash resources. EquiFirst is the 12th largest non-prime wholesale mortgage originator in the United States. It originates its loans through over 9,000 brokers in 47 states.... | |
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| | | Diana K. Couch Promoted to Manager of Mortgage Banking | | Posted Sunday, January 14, 2007 2:48:34 PM by Blog57 Team | | Diana K. Couch has been promoted to Assistant Vice President, Manager of Mortgage Banking at Bank of Evansville upon the retirement of Tom Lampkins. Couch has been working as a mortgage loan officer at Bank of Evansville for the past 5 years, and was named Assistant Vice President in 2005. She has over 18 years of experience in mortgage banking. Bank of Evansville is a full-service community bank that focuses on quality service and superior banking products for businesses and consumers in the Evansville area. This news release contains forward looking statements within the meaning of the safe harbor provisions of the Private Securities Act of 1995. Such statements are based on management's current expectations and are subject to a number of risk factors and uncertainties which could cause actual results to differ materially from those described in the forward looking statements.... | |
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| | | Wilber Bank parent to gain mortgage banker | | Posted Sunday, December 24, 2006 2:47:07 PM by Blog57 Team | | ONEONTA -- The Wilber Corp., the Oneonta-based parent company of Wilber National Bank, recently announced that it has agreed to acquire the capital stock of ProvantageFunding Corp., a New York-licensed mortgage banker based in Saratoga County. The acquisition is subject to approval by the New York State Banking Department and is expected to close during the first quarter of 2007. "Our current market place is stable but not growing," Wilber President and Chief Executive Officer Douglas C. Gulotty said in a written statement. "The Capital District presents a new opportunity for growth, particularly with the region's emergence as a center for technology. This acquisition will enable us to expand both our residential and commercial lending into the Capital District and provide our existing and new customers located in our current markets with more mortgage options." Provantage will continue to maintain its corporate identity as a wholly-owned subsidiary.... | |
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| | | Private Mortgage Banking Group appoints new vice president, jumbo ... | | Posted Sunday, December 17, 2006 12:47:28 PM by Blog57 Team | | Metrocities Mortgage, LLChas appointed Ira Meltzer as a Vice President and Loan Officer in its Private Mortgage Banking Groups (PMBG) Palm Desert Loan Center. Meltzer, according to a news release from Metrocities, brings more than 25 years of expertise as a licensed real estate mortgage banker and mortgage broker in California Real to his work with PMBG, where he specializes in the luxury market with mortgages ranging from $600,000 to $6 million and above. As a result of his luxury residential lending acumen, he has been honored with numerous industry awards and earned recognition as the Jumbo Loan Originator expert. Most recently, Meltzer served as a Director with Countrywide Home Mortgages Private Mortgage Banking Division. He was also Regional Sales Manager and Vice President of California for Trump Mortgage, a Donald Trump company.... | |
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| | | Shopping for a mortgage? | | Posted Sunday, November 19, 2006 12:46:44 PM by Blog57 Team | | With more than a decade of experience in the mortgage financing business, Jen Davis has seen clients fitting just about every profile walk through her door. Davis, the manager of Cornerstone Fundings Poughkeepsie office, says for potential borrowers who have low or no credit, the biggest impediment to securing a home loan isnt actually concern over their credit score. The biggest obstacle is that most people are so afraid of their credit that they wont even walk through the door, Davis said. A lot of people think that their credit is much worse than it really is, or is too low to qualify for a home loan. Once you come and sit down, things usually dont look so bad. For most people, we can work with their credit to find a program or loan product which will work for them.... | |
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| | | Mortgage Industry Insider -- Weekly insight from MortgageDaily.com | | Posted Tuesday, November 14, 2006 10:52:51 AM by Blog57 Team | | A Mountain View, Calif.-based lender is embarking on a national expansion, the company's president told MortgageDaily.com, the dominant source of online news for the mortgage industry. Parsec Interact Inc. has already begun hiring. "We expect to add 300 people in the next three months and about 1,000 over the next two to three years," Parsec's president said in a MortgageDaily.com interview. States with large Indian populations are being targeted. (http://www.mortgagedaily.com/JobAdditionsParsec110606.asp?spcode=pr) Approximately 250 positions are up for grabs at a South Carolina mortgage servicing operation, a Washington Mutual Inc. spokeswoman told MortgageDaily.com. With the new hires, the operation will house about 900 employees. (http://www.mortgagedaily.com/JobAdditionsWamu111006.asp?spcode=pr) But it wasn't all good news for mortgage companies.... | |
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| | | Doubling Down In Iraq | | Posted Monday, November 13, 2006 6:48:07 AM by Blog57 Team | | When you gamble and lose, the natural tendency is to double your betand when that doesn't work, mortgage everything you have to try to retrieve your losses. But as every undergraduate economics student knows, that strategy is a disaster. Hence the principle of "sunk cost." The fact that I've lost a pile on some enterprise or investment is no reason to lose an even bigger pile. The smart move, economically speaking, is to reassess your decisions on a regular basis. When an investment isn't working, get out. Put your money, your talents, and your energy to better use somewhere else… But that instinct is wrong. Warfare is not like investment banking. At precisely the moment an economist might say to stop throwing good money after bad, a wise military strategist might say to double the bet.... | |
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| | | NATION'S HOUSING: Latinos losing out on mortgage loans | | Posted Sunday, November 12, 2006 2:48:08 AM by Blog57 Team | | Picture this scenario: You've lived in this country for the past 15 years, earned a decent wage, raised a family, always paid your rent, utilities, cell phone bills and other expenses on time. But you made little or no use of the conventional banking and credit systems -- avoiding bank loans, credit cards and debts in general. Now you go to apply for a mortgage to buy your first home and get smacked with this sobering news: Sorry, but there is not enough information in your national credit bureau files to score your credit. We have to either charge you an interest rate well above prevailing rates -- 9 percent or 10 percent in a 6 1/2 percent market -- or reject you altogether. That is what large numbers of Latino families now face, according to a new survey. The 14,000-member National Association of Hispanic Real Estate Professionals polled 500 of its members and found that: • Nearly one-third said their clients end up paying "subprime" rates on mortgages because their limited credit histories make them appear high-risk when lenders use traditional FICO scores, the dominant credit evaluation method in the highly automated mortgage underwriting process.... | |
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| | | Bankrate: Mortgage Rates Come Full Circle | | Posted Friday, November 10, 2006 10:48:09 PM by Blog57 Team | | NEW YORK, Nov. 9 /PRNewswire-FirstCall/ -- Mortgage rates had an eventful week but ended up right back where they started. The average 30-year fixed rate is now 6.32 percent, little changed from 6.31 percent one week ago. According to Bankrate.com (Nachrichten) 's weekly national survey of large lenders, the 30- year fixed rate mortgages had an average of 0.26 discount and origination points. (Logo: http://www.newscom.com/cgi-bin/prnh/20040122/FLTHLOGO ) The average 15-year fixed rate mortgage popular for refinancing remained at 6.02 percent. On larger loans, the average jumbo 30-year fixed rate slid to 6.56 percent. Adjustable rate mortgages were mixed. The average 5/1 adjustable rate mortgage increased to 6.16 percent and the average one-year ARM inched lower to 5.91 percent.... | |
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